One of the most common payroll cycles that companies use is the bi-weekly payroll where hourly employees receive their paychecks every two weeks. Unfortunately, hourly employees have bills come due in between their paychecks. This kind of stress on an employee can cause them to underperform in their day to day work.
Never fear though, for the world is always evolving and adapting to the needs of the people.
Some companies are now providing you access to your paycheck as you’re earning it, almost completely eliminating the stress of overdraft fees and late bills. The best thing about these new payroll systems is that they can be provided with the touch of a button through your smartphone, so you don’t have to constantly ask your boss for that paycheck.
Why are companies transferring over to this method of payment?
53% of Americans live paycheck to paycheck and as a response some companies recognize the need for early wage access, also known as EWA. So, they’ve started to offer access through providers such as PayActiv, ZayZoon, and Branch. This has increased the loyalty of employees significantly and reduced yearly turnover, making work environments less stressful.
How do these systems work?
The providers that your company has a contract with probably doesn’t just offer your early paycheck. In fact, they can also offer things like: discounts on various products or services, manage your bills for you, handle immediate bank transfers, and some can even give you an advance on your paycheck if what you’ve earned isn’t enough to get you through that stack of bills.
Need more hours? No problem.
These applications also keep track of your schedule, making it easier for you and your supervisors to manage getting shifts covered or finding more hours. This schedule tracking has been a great tool for preventing overtime but also giving employees the hours when they really need them.
Do these systems cost money for me to use?
With systems like PayActiv, there are no fees for transfer or use of the service of any kind. This is all provided by your membership through the company that you work for. Which makes it even more stress free for you, because you never have to worry about the money you're transferring to come up short due to a percentage of fees that you weren’t expecting.
What do you do if your company doesn’t provide EWA?
If they haven’t partnered with an EWA app yet, not to worry. You can still use these apps for yourself. Unfortunately, this means that you may have to pay a small fee to use them as an individual but in the end, they can be a lifesaver.
Applications like PayActiv and Branch will soon be taking the world by storm and providing EWA to employees in many large and small corporations across the US, reducing turnover and providing a better quality of life for all employees.
I hope this has helped give people some insight on the thing’s companies are doing to keep their employees happier in a better work environment.
Please note that this is not a sponsored post, this is simply for informative purposes.